St. Anton Partners Teams With Facebook To Develop Menlo Park Apartment Community
- Oct 03, 2013
Menlo Park, Calif.—St. Anton Partners and Facebook have teamed on a strategic collaboration to build Anton Menlo, a 394-unit multifamily housing community within walking distance of Facebook’s existing Menlo Park headquarters and its new West Campus, which is currently under construction.
“This collaboration is smart for two reasons. First, it allows us to actually create affordable units near the Facebook campus, as opposed to just depositing funds into a housing account that may not be used for years,” Steve Eggert, St. Anton Partners’ co-founder, tells MHN. “Second, and equally important, our collaboration with Facebook has enabled us to better understand our renters and design an apartment community that better suits their needs.”
Designed by national architecture firm KTGY Group, Inc., the $120 million infill redevelopment project is an assemblage of nearly 10 acres of formerly industrial land near Marsh Road off of Highway 101. The property will consist of 35 studios, 208 one-bedroom, 139 two-bedroom and 12 three-bedroom apartments.
The project also includes creating a town square with a café, brew pub, grab-and-go food store, post office, bike shop, pet shop, fitness center, demonstration kitchen, resort-style pool area, green space and concierge center, as well as a leasing center, all for the exclusive use of the residents.
“Anton Menlo is an example of providing the housing that the Silicon Valley desperately needs,” Eggert says. “That is what we do: develop top-quality housing in challenging environments that need it.”
Anton Menlo will be located in Menlo Park, one of the San Francisco peninsula most exclusive communities. It is just minutes from some of the most significant employers in the world such as Facebook, Google, Hewlett Packard and countless other technology companies, as well as Stanford University.
“The primary appeal of Anton Menlo is its proximity to Facebook and other large employers, its location near Highway 101 and the Dumbarton Bridge,” Eggert says. “At this location, we were able to acquire almost 10 acres of land, a rarity in this area, to build a significant project that creates its own sense of place.”
To assist with housing affordability and as part of its Below Market Rate Agreement with Menlo Park, Facebook has funded 15 low-income units for inclusion in the project. These units will be income restricted for 55 years and are indistinguishable from the market rate units at Anton Menlo.
The site recently received its final zoning approval from the Menlo Park City Council and is currently in the design review phase. Demolition and grading is scheduled to commence in October and construction is anticipated to last 24 months.